George Soros Lecture on Capitalism versus Open Society, Part 1

George Soros continues his week-long lecture series at the Central European University in Budapest discussing capitalism versus open society. In this first part, he explores the "agency problem" and its impact on both markets and politics. The principal-agent problem, in which those who are to represent others tend to place their interests ahead of those they are supposed to represent, poses a risk to ethical considerations, and in Soros' view, undermines values necessary for the operation of an open society. See below for a transcript of the lecture.